Iao Kun Q1 adjusted profit gains on 16 percent rolling chip gain

Iao Kun Group Holding (IKGH), a promotor of VIP gaming rooms, said Q1 adjusted income rose, boosted by an increase in rolling chip volume.

On an adjusted basis, non-GAAP income rose to $17.9 million from $15.3 million.

Net income dropped to $3.2 million or $0.05 per share, from $6.9 million or $0.16 the year earlier. No analyst estimates were available for comparison. The group recorded a $10.6 million change in fair value related to acquisitions compared to a $5.9 million charge in 2013.

Sales rose to $79.9 million from $64.4 million. Rolling chip turnover rose 16 percent to $4.8 billion.

"Our marketing campaign to augment our non-marker agent base remains ongoing and our overall strategy remains unchanged -- we are committed to expanding our business presence in the Macau VIP gaming market and increasing our market share while prudently managing our capital to create long-term value for our shareholders,” Chairman Man Pou Lam said.

The company is maintaining its 2014 rolling chip turnover guidance for its five existing VIP rooms in Macau of $17 billion to $19 billion.

 

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